Harridge’s 1.4M sf Crossroads of the World megaproject gets Council nod
The approval comes 3 years after the mixed-use development was proposed
Harridge Development Group’s ambitious Crossroads of the World megaproject in Hollywood received City Council approval this week, clearing the way for construction three years after it was proposed.
The project now spans 1.4 million square feet, and includes 950 residential units, a 308-key hotel and 190,000 square feet of commercial space, according to Curbed, which first reported on the Council’s vote.
There are nine buildings in the development, including three towers and some repurposed historical properties.
In April, Wilshire-based Harridge agreed to incorporate the newly landmarked Hollywood Reporter building into the development instead of demolish it as was previously planned. That provision was a major sticking point for preservationists who had opposed the overall project.
Over the summer, preservationists tried and failed to landmark another four buildings that Harridge will demolish to make way for the development.
The approved plan requires the demolition of 82 rent-stabilized units at the 8.2-acre site. In September, Councilman Mitch O’Farrell struck a deal with Harridge to set aside apartments in the new development for displaced tenants, who will pay the same rate. Rent increases would also be capped at 3 percent a year, in line with L.A.’s rent-stabilization laws.
In total, 105 apartments will be set aside for “very low-income” renters.
Harridge has a number of residential projects in the pipeline around L.A., including a mixed-use complex with 555 apartments in Koreatown, a 676-unit construction in San Pedro, and a sprawling, gated condo community in Inglewood near the new multibillion-dollar football stadium and sports complex being built there. [Curbed] — Dennis Lynch
Source: The Real Deal Los Angeles